SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 25, 1999
CWABS, INC.
(Depositor)
(Issuer in respect of Asset-Backed Certificates, Series 1998-2)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWABS, INC.
Asset-Backed Certificates
Series 1998-2
On June 25, 1999, The Bank of New York, as Trustee for CWABS, INC., Asset-Backed
Certificates Series 1998-2, made a monthly distribution to Certificate holders
of principal and/or interest pursuant to the Pooling and Servicing Agreement,
dated as of August 1, 1998, among CWABS, INC. as Depositor, Countrywide Home
Loans, Seller and Master Servicer and The Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWABS, INC., Asset-Backed Certificates
Series 1998-2 relating to the distribution date of June 25,
1999 prepared by The Bank of New York, as Trustee under the
Pooling and Servicing Agreement dated as of August 1, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: June 25, 1999
CWABS, INC.
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior AF1 27,646,936.33 6.220000% 2,395,547.83 143,303.29 2,538,851.12 0.00 0.00
AF2 26,500,000.00 6.070000% 0.00 134,045.83 134,045.83 0.00 0.00
AF3 14,924,000.00 6.600000% 0.00 82,082.00 82,082.00 0.00 0.00
AF4 10,000,000.00 6.190000% 0.00 51,583.33 51,583.33 0.00 0.00
MF1 4,274,000.00 6.520000% 0.00 23,222.07 23,222.07 0.00 0.00
MF2 2,850,000.00 6.745000% 0.00 16,019.37 16,019.37 0.00 0.00
BF 1,425,000.00 7.560000% 0.00 8,977.50 8,977.50 0.00 0.00
AV1 130,709,296.50 5.092500% 5,011,038.71 573,187.50 5,584,226.21 0.00 0.00
MV1 9,026,000.00 5.262500% 0.00 40,902.20 40,902.20 0.00 0.00
MV2 7,221,000.00 5.462500% 0.00 33,966.28 33,966.28 0.00 0.00
BV 7,221,000.00 6.122500% 0.00 38,070.22 38,070.22 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BFI 0.00 0.000000% 0.00 191,500.35 191,500.35 0.00 0.00
BVI 0.00 0.000000% 0.00 445,058.84 445,058.84 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 241,797,232.83 - 7,406,586.54 1,781,918.78 9,188,505.32 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 25,251,388.50 0.00
AF2 26,500,000.00 0.00
AF3 14,924,000.00 0.00
AF4 10,000,000.00 0.00
MF1 4,274,000.00 0.00
MF2 2,850,000.00 0.00
BF 1,425,000.00 0.00
AV1 125,698,257.79 0.00
MV1 9,026,000.00 0.00
MV2 7,221,000.00 0.00
BV 7,221,000.00 0.00
Residual R 0.00 0.00
BFI 0.00 0.00
BVI 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 234,390,646.29 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior AF1 27,646,936.33 6.220000% 126671EF9 68.444224 4.094380 721.468243
AF2 26,500,000.00 6.070000% 126671EG7 0.000000 5.058333 1,000.000000
AF3 14,924,000.00 6.600000% 126671EH5 0.000000 5.500000 1,000.000000
AF4 10,000,000.00 6.190000% 126671EJ1 0.000000 5.158333 1,000.000000
MF1 4,274,000.00 6.520000% 126671EK8 0.000000 5.433333 1,000.000000
MF2 2,850,000.00 6.745000% 126671EL6 0.000000 5.620833 1,000.000000
BF 1,425,000.00 7.560000% 126671EM4 0.000000 6.300000 1,000.000000
AV1 130,709,296.50 5.092500% 126671EN2 31.909517 3.649969 800.427014
MV1 9,026,000.00 5.262500% 126671EP7 0.000000 4.531597 1,000.000000
MV2 7,221,000.00 5.462500% 126671EQ5 0.000000 4.703819 1,000.000000
BV 7,221,000.00 6.122500% 126671ER3 0.000000 5.272153 1,000.000000
Residual R 0.00 0.000000% N/A 0.000000 0.000000 0.000000
BFI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
BVI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 241,797,232.83 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 86,174,121.77 151,873,870.53 238,047,992.30
Loan count 1133 1429 2562
Average loan rate 9.316567% 9.211729% 9.25
Prepayment amount 2,176,592.20 4,846,481.71 7,023,073.91
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 34,904.46 61,908.46 96,812.91
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 62,244.68 132,343.65 194,588.33
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 2,429.58 5,406.90 7,836.48
Cumulative losses (from Cut-Off) 2,429.58 7,138.16 9,567.74
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 1,899,466.66 3,610,150.32 5,509,616.98
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 241,797,232.83
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 139 10,919,488.37
60 to 89 days 51 4,338,126.09
90 or more 27 2,619,196.75
Foreclosure 45 3,487,661.22
Totals: 262 21,364,472.43
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 144,381.58
Current Total Outstanding Number of Loans: 3
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 9,188,505.32 9,188,505.32
Principal remittance amount 7,406,586.54 7,406,586.54
Interest remittance amount 1,781,918.78 1,781,918.78